McKinsey Africa Chairman contributes at World Bank Africa meeting

McKinsey & Company’s Chairman for Africa – Acha Leke – was among the contributors at the 2019 African Caucus Meeting of Governors, organised collaboratively by the World Bank Group (WBG) and the International Monetary Fund (IMF) in Accra between July 31st and August 2nd. 

The location of the event in Ghana represents the country’s increasingly central role in the economic affairs of West Africa and Africa as a whole. The meeting was hosted by the Ghanaian Ministry of Finance and the Bank of Ghana, with the specific objective of developing independent economic structures on the continent.

The theme of the event was ‘Africa Beyond Aid – Enhancing Institutional Capacity and Innovative Finance for Sustainable Growth.’ Consensus amongst economic experts in recent years has been that Africa is severely lacking in infrastructure, with some placing the investment deficit in infrastructure as high as $100 billion.

A combination of foreign investment and aid has been pouring in to help improve this scenario in recent decades. However, the continent is looking to enter a new economic chapter, as a number of major African economies are becoming internationally competitive and occupying an increasingly central role.

As a result, self-reliance is the focus amongst several stakeholders in the African economic scenario. Chairman at McKinsey & Company Africa Acha Leke has been among the more vocal commentators on Africa’s economic growth story. Leke has previously urged that diversification is crucial for the region’s economy to become more self-reliant.

Leke was a contributor at the event, alongside a number of other high-profile speakers. The meeting was attended by approximately 350 delegates from the public and private sectors across Africa, including representatives from the WBG and the IMF. Discussions centred around skill development, improved institutional structures, and innovation as keys to economic self-reliance.

Commenting on the event, Ken Ofori-Atta, Chair of the African Caucus and the Development Committee of the World Bank said, “Hosting the African Caucus meeting in Ghana cements Government's effort to position Ghana as a diplomatic and commercial hub, particularly so after the selection of Ghana as the secretariat for the African Continental Free Trade Area (AfCFTA). It also presents an opportunity for us to share our Ghana Beyond Aid vision with the rest of the continent.”